Hi everyone… I’m looking for condominiums for under $600K in Brighton, Massachusetts (02135) this year. I’m 32 years old, making $150K annually, and I’m single. This is my first time buying property. I have a few questions: 0. What are the things I should look out for when deciding what to buy? Any strategies to get a good deal? Is this a good time to buy, or should I wait? I feel like property prices might fall here due to general unaffordability. Also, how much of a down payment should I make? I’m considering a $200K down payment so I can pay it off early, but I’ve heard that it’s not a smart financial move and that the stock market could generate higher returns on average. Please advise.
I think you should definitely look at the overall condition of the condo and the building’s management. Also, check the fees.
Timing the market can be tricky, but if you feel prices will drop, it might be worth waiting a bit. Just keep an eye on interest rates too.
Westley said:
Timing the market can be tricky, but if you feel prices will drop, it might be worth waiting a bit. Just keep an eye on interest rates too.
That makes sense. I guess it’s about finding that balance.
For a down payment, it really depends on your financial situation. Putting down $200K could mean lower monthly payments, but you also want to keep some cash for emergencies.
Mica said:
For a down payment, it really depends on your financial situation. Putting down $200K could mean lower monthly payments, but you also want to keep some cash for emergencies.
Right, I want to balance being able to pay it off with having some savings left over.
Consider getting pre-approved for a mortgage. It’ll give you a better idea of what you can afford and make you more competitive when you find a place.
Sidney said:
Consider getting pre-approved for a mortgage. It’ll give you a better idea of what you can afford and make you more competitive when you find a place.
Good tip! I’ll definitely start looking into that.
Don’t forget to factor in closing costs and inspection fees. Those can add up quickly, so make sure you have a budget for that.
Ira said:
Don’t forget to factor in closing costs and inspection fees. Those can add up quickly, so make sure you have a budget for that.
Thanks for the reminder! I’ll make sure to include those in my budget.